The present invention relates to a credit inquiry service system for inquiring about the credit status of a check or a credit card, and more particularly to a credit inquiry service system and method for performing the credit inquiry service using a public communication network.
In general, a credit inquiry service system is a system enabling a user using a credit inquiry terminal to inquire about the credit status of a check or a credit card by receiving information from a financial agency or a credit card company through a communication line. The advent of computer power greatly aided this process. Older efforts, such as U.S. Pat. No. 4,017,835 entitled System For Verifying Credit Status issued to Randolph discloses a credit status verification system using a computer, modem and interface controller. In Randolph '835, the computer generates messages that are then sent to terminal units over telephones lines via a modem. Interface controllers distinguish between the types of messages and identify terminal units for receipt of messages by the computer. While this invention had benefits at the time of its inception, the current era of communication demands greater performance.
More recently, there have been attempts at creating more advanced credit inquiry systems to accommodate the greater needs of today's modem society for enhanced security, faster speed of transactions, and lower unit cost per transaction. One such attempt is disclosed in Korean Patent Publication No. 92-10483 entitled A Credit Card Terminal published on 26 Jun., 1992 by Beong-duk Jun of Gold Star Electric Machinery Co. Lid. That reference contemplates a credit inquiry terminal incorporated into in a credit inquiry service system. That system also includes a microprocessor, modem and transceiver to enable user communication between a terminal and a computer. Although that system has merit in its own right, we believe that it can be improved. Specifically, we believe that a more innovative system can be created that will provide the user with the desired credit information more in a much securely, shorter time, and at a lower cost per transaction than is possible with the aforementioned system.